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What will be the primary reason cited for DOE's action to secure oil for SPR at Bayou Choctaw?
2
Resolution / Starting Odds
High gas prices • 25%
Election year strategy • 25%
Strategic reserve replenishment • 25%
Other • 25%
Official statements from the U.S. Department of Energy
Story
DOE Announces Solicitation for 4.5 Million Barrels of Oil for SPR at Bayou Choctaw
Jul 10, 2024, 07:08 PM
On July 10, the U.S. Department of Energy (DOE) announced a new solicitation for up to 4.5 million barrels of oil for delivery to the Strategic Petroleum Reserve (SPR) at the Bayou Choctaw site from October through December. This move comes as a response to the ongoing high gas prices. The DOE aims to secure oil at a target price of $79 per barrel. The announcement has sparked criticism, with some arguing that the SPR should be reserved for emergencies rather than being used as a temporary measure to address high gas prices during an election year.
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